Dubai Fateh

AIRA Securities states in the analysis (August 6th) that PTT Exploration and Production Public Company Limited or PTTEP’s tendency of oil crude price remains at higher level. Dubai Fateh closes at 70-71 USD/bbl, almost reaching the highest in three and a half years period from the decrease of OPEC production capacity, Venezuela and Iran’s sanction. The average selling price of PTTEP average selling price improves by 7% from last quarter and sales volume rose 3% from last quarter. The auction for Bongkoch-Erawan plant field is in process and PTTEP has the upperhand as a former operator, while the auction conditions will consider the production consistency and employment rate. The 2018 revenue will remain outstanding from the constant increase of gas and oil price. A recommend to “Buy” at the target price of ฿159/share (In assumption of the base oil crude price averages at 65 USD/bbl; DCF valuation.) The market price as of 11:30 A.M. on August 6, 2018 is ฿141/share, up ฿0.50/share or +0.36%